Canadians are saving less in current economic environment:
Canadians struggle to be disciplined savers
TORONTO, October 22, 2009 — Many Canadians are
letting their saving habits slip in the midst of the current
economic climate, according to the results of an RBC/Ipsos
Reid Poll released today. The survey found that one-third
of Canadians (34 per cent) indicate they are saving less money
than they have in the past, with only one-in-five (19 per
cent) saving more money.
"While we all intuitively understand the importance
of a nest egg, especially given recent economic uncertainty,
the survey results tell us that saving money is a challenge
for all Canadians - regardless of age, income bracket or region,"
said Ashif Ratanshi, head, Branch Investments, Deposits and
Direct Investing, RBC. "But saving money can be simple,
once you get started and create good habits."
Albertans are more likely to report an increase in their
personal savings (28 per cent), along with younger Canadians
aged 18 to 34 (24 per cent). Residents of Ontario and British
Columbia are more likely to be saving less (38 per cent respectively).
When it comes to saving, 70 per cent of Canadians find reaching
a savings goal to be the biggest challenge, according to the
survey. Two-thirds (66 per cent) find it difficult to set
up a dedicated savings program and nearly six-in-ten Canadians
(59 per cent) find it a challenge to stay focused on saving
"An important part of saving and a great place to start
is knowing your spending habits," said Max Thompson,
head of GICs & Savings at RBC. "Sixty-three per cent
of Canadians find keeping track of monthly expenditures easy,
so they are half way there. The other part of the equation
is knowing what to do with what you have left over. The good
news is that there are many options available to help achieve
your saving goals."
Here are four simple tips to help you save:
- Pay yourself first. This is the golden rule of
saving. Get in the good savings habit of setting aside some
money from each paycheque.
- Have a savings plan. A step-by-step plan will
have financial milestones to strive for and make you more
likely to continue saving if the going gets tough. Decide
what you want and commit to it. Whether it's for a vacation
or an emergency fund, setting goals helps you save for what's
important to you.
- Make savings a habit. Set up automatic online
transfers to your savings account to help you save a portion
of each paycheque. You won't have to think about it and
you can control how much and how often a transfer is made.
- Know yourself. Figure out what you actually spend
by keeping track of how much you pay for little things like
coffee and lunches away from home. A simple tactic such
as cutting out one cup of coffee per day can save you a
lot of money over time. Even a small amount of money grows
For more resources to help you start saving, as well as tools,
tips and calculators to help you achieve your savings goals,
The RBC omnibus was conducted by Ipsos Reid between September
28 and October 1, 2009. This online survey of 1,001 Canadian
adults was conducted via the Ipsos I-Say Online Panel, Ipsos
Reid's national online panel. The results are based on a sample
where quota sampling and weighting are employed to balance
demographics and ensure that the sample's composition reflects
that of the actual Canadian population according to Census
data. With a representative sample of this size, the results
are considered accurate to within ±3.1 percentage points,
19 times out of 20. Margins of error for regions will vary.
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Corporate Communications, RBC (416) 974-2727
Media Relations, RBC, (416) 974-2124